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Board explains process for approving takeback lots and setting list-price floor
Summary
A board member clarified that prior takebacks of POA lots were largely completed through the collections process and that the board's vote authorizes sales with a list price set as a floor so the board does not have to approve each individual sale.
A board discussion clarified how the homeowners association handles lots taken back through collections. A questioner asked whether the current vote was to "take them back" or to approve sales; the board explained the vote authorizes selling lots previously taken and that the list price serves as a floor so individual sales need not return to the full board for approval.
"With the list price on the floor, then really you guys are supposed to approve the sale of real estate," a board participant explained, describing the purpose of the floor price and how past takebacks were processed primarily through collections. The board described a handful of exceptions involving long-time owners but said most lots on the list were standard takebacks.
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